Romney Economy

One Pittsburgh stands for making Pittsburgh strong through an economy that rises up. This means growing strong middle class jobs that pay well, raising the minimum wage, affordable healthcare for all, and investments in education.

While election season creates a ton of spin on these issues, a review of Mitt Romney’s plans, and significantly Paul Ryan’s budget, leave little room to imagine a world where our goals would not be significantly hampered.
Here are a few of the stances that we feel make supporting a Romney economy unreasonable.

http://action.onepittsburgh.org/page/s/say-no-to-a-romney-economy

EDUCATION

Ryan’s budget plan would cut Pell Grants for college students by $200 Billion, meaning up to 10 Million students will lose access to it over 10 years.

Instead of receiving Pell Grants, Ryan would have students take on more student loan debt. Ryan’s plan would see interest rate on such loans double

Ryan’s budget would slash spending up to $166 billion from the part of the budget that includes education. This would likely lead to layoffs of teachers and less investment in education.

Romney has mocked President Obama’s domestic spending saying “he wants another stimulus, he wants to hire more government workers. He says we need more firemen, more policemen, more teachers…it’s time for us to cut back on government”

TAXATION.

Ryan has previously voted in favor of the Bush tax cuts for the the richest Americans, leading to trillions added to the deficit.

He wants to extend those and lower taxes for the richest Americans, lowering the top rate to 25% from 35%. Household with earnings in the millions could see up to $300,000 back.

Romney and Ryan would lower the corporate tax rate to 25%. They claim to want to close loopholes, but so far none have been named.

Mitt Romney presumably only pays up to 13% tax rate. Under Ryan’s plan he would’ve paid as little as 1% in 2010 due to Ryan’s proposed cuts to dividends, capital gains, and interest.

Tax burdens on the middle class would go up as President Obama’s tax cuts for lowest incomes are eliminated.

Ryan’s budget would retain $40 Billion in tax cuts for oil companies. Meanwhile investment in clean energy would be cut by $3 billion in the first year alone.

JOBS

Mitt Romney has backed down from supporting indexing the minimum wage. He now says that the minimum wage does not need to be raised. According to the EPI raising the minimum wage could create up to 3,900 jobs in PA alone.

Mitt has made dubious claims to have created 100,000 jobs. During his tenure as Governor Massachusetts lagged far behind most of the US in job growth. While at Bain Capital thousands of jobs were lost when they were outsourced or when companies owned by Bain were bankrupted.

According to EPI estimates the Ryan budget would result in 4.1 million jobs lost over the next two years.

HEALTHCARE

Mitt Romney and Ryan have both stated the desire to repeal ‘Obamacare’, leaving millions without insurance.

Romney has attacked President Obama for ‘cutting’ $716 Billion from Medicare. Such cuts are actually cuts to reimbursements to hospitals and insurers, not cuts to benefits. Many experts say that Romney’s plan to reinstate the reimbursements could raise costs to beneficiaries up to $342 a year and make Medicare insolvent by 2016.

Paul Ryan wants to turn Medicare into a voucher program. The Congressional Budget Office estimates that eventually this could mean beneficiaries would pay nearly $6000 more. He would also raise the age of eligibility to 67

Ryan’s proposal would gut Medicaid, turning into a block grant to states with massive cuts to the program leaving states to dramatically lower the amount of people covered. Up to 14-27 million low income Americans, mostly the elderly and disabled, would lose coverage.

If the Romney Economy sounds wrong to you, please join us August 30th in a national day of action to say no to trickle-down economics.

http://action.onepittsburgh.org/page/s/say-no-to-a-romney-economy


Sources:

Pell Grants
http://www.huffingtonpost.com/2012/03/27/pell-grants-paul-ryan-budget_n_1383178.html?ref=education

Student Loan interest
http://www.tnr.com/article/politics/102987/pell-college-obama-budget-student-debt-loans

Budget cuts
http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/08/22/the-real-romney-ryan-budgets-cuts-arent-to-medicare-theyre-to-programs-for-the-poor/

Taxes
http://thinkprogress.org/economy/2012/06/20/502695/gop-budget-tax-study/
http://www.washingtonpost.com/middle-class-would-face-higher-taxes-under-republican-plan/2012/06/19/gJQAD4auoV_story.html
http://www.offthechartsblog.org/ryan-budget-would-raise-some-taxes-guess-who-gets-hit/
http://blogs.ajc.com/jay-bookman-blog/2012/08/13/under-ryan-plan-romney-tax-rate-would-be-1-as-in-one/
http://economix.blogs.nytimes.com/2012/08/21/exploring-mitt-romneys-taxes-and-tax-plan/?src=recg

Oil Subsidies
http://www.americanprogress.org/issues/green/news/2012/03/20/11341/ryan-budget-pads-big-oils-pockets-with-senseless-subsidies/

Minimum Wage
http://www.opposingviews.com/i/politics/2012-election/video-mitt-romney-opposes-raising-minimum-wage

Jobs
http://www.epi.org/blog/paul-ryan-budget-discretionary-cuts-cost-jobs/
http://www.factcheck.org/2012/01/romneys-shaky-job-claims/

Healthcare
http://cbo.gov/sites/default/files/cbofiles/attachments/03-20-Ryan_Specified_Paths_2.pdf
http://www.kff.org/medicaid/upload/8185-S.pdf
http://www.nytimes.com/2012/08/22/us/politics/costs-seen-in-romneys-medicare-savings-plan.html?pagewanted=all

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